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BUDGET: Rehda Wants Private Sector Developers Included In Schemes, Incentives In 2017 Budget

Last update: 21/10/2016

KUALA LUMPUR, Oct 21 (Bernama) - The Real Estate and Housing Developers' Association of Malaysia (Redha) wants to meet with relevant government ministries to consider the incentives given under the 2017 Budget for private developers.



President Datuk Seri FD Iskandar said: "We will also talk to the government and banks about an end-financing scheme as it is one of the main concerns of potential home buyers.



"We do admit there is a mismatch in the supply of affordable homes at certain locations, but there has always been a huge demand.



"When there's demand, buyers however, do not have the end-financing or capacity to conclude the sale," he added.



He said this at a press conference to laud the government's efforts at continuing to make affordable housing a priority in the 2017 Budget announcement by Prime Minister Datuk Seri Najib Tun Razak here today.



FD Iskandar said the initiatives announced would improve the accessibility of first time home buyers, civil servants purchasing homes in urban areas and encourage homeownership for the bottom 40 per cent household income group (B40).



He added the 100 per cent stamp duty exemption for first time home buyers below RM300,000 would spur the growth of the property sector, but also hoped it would be waived for properties of a higher threshold, taking into account the higher house prices in major cities.



In the budget, Najib said the government would introduce a special end-financing scheme for the 1Malaysia People's Housing Programme (PR1MA) houses.



It would provide buyers with end-financing of up to 90 to 100 per cent to own a home.



He also announced that the civil servants housing loans eligibility would be increased from between RM120,000 - RM600,000 to between RM200,000 - RM750,000, the introduction of the MyBeautiful New Home for B40, with the government subsidising RM20,000 and the target to build 9,850 units of People's Housing Project (PPR) by KPKT, amongst others.



-- BERNAMA